Baghdad: Oil prices fell on thursday extending previous losses after data showed a rise in US crude inventories, raising concerns about a global supply glut.

According to National Iraqi News Agency, Brent crude futures fell 9 cents, or 0.1%, to $62.62 a barrel, while US West Texas Intermediate crude futures dropped 11 cents, or 0.2%, to $58.38 a barrel.

Market sources, citing the American Petroleum Institute, reported that US crude inventories rose by about 1.3 million barrels in the week ending November 7. However, gasoline and distillate stocks declined during the same period, contributing to the ongoing volatility in the oil markets.